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2nd QUARTER RESULTS

2014
Gross Revenue 2Q14 grows 6.5%
Gross Revenue 2Q14 reaches 743.8 MM
EBITDA Margin 2Q14 of 16.7%

TELECONFERENCES
Dickson Esteves Tangerino
CEO
Octvio Fernandes
VP of Operations
Antnio Carlos Gaeta
VP of Business
Mrcio Fernandes
VP Administrative and Finance
Paulo Bokel
IR and Finance Officer
ir@dasa.com.br
Tel.: (011) 4197-5410
Fax: (011) 4197-5516
www.dasa3.com.br

Grupo

Portuguese
Date: 08/12/2014
Time: 10h00 (Braslia)
Tel.: 11 2188-0155
Password: DASA
English
Date: 08/12/2014
Time: 12h00 (Braslia)
Phone.: 1 (412) 317-6776
Password: DASA

DASA ON
Bovespa: DASA3
Most recent quotation:
08/11/2014: R$14,87
Average daily trade volume
2Q14:
R$ 1.7 milllion
Market value
R$ 4.6 billion
US$ 2.0 biillion
Free Float: 25.3%

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DISCLAIMER

This document contains forward looking statements that can be identified by words like hope, plan,
expect, believe, seek, estimate and similar words. The information in this presentation
regarding forward looking statements of the Company, including business prospects, and operating,
financial, and growth projections are only predictions based on management expectations regarding
future performance. These estimates are highly dependent on the performance of the Brazilian
economy, industry and international market conditions. Therefore, they are subject to change.

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HIGHLIGHTS AND RECENT FACTS


GROWTH






GROSS REVENUE reached R$ 743.8 million in 2Q14 (+6.5%)


STRONG growth in OUTPATIENT (+7.8%) and LAB TO LAB (+10.8%)
5 LESS BUSINESS DAY (7.9%) than 2Q13, which 3 were Brazil national team game
8 PSCs REMODELING delivered in 2Q14, 16 in progress , 7 new units, 4 new resonances and 1
tomography

QUALITY

 DASA lecturers at the MAIN RADIOLOGY EVENTS WORLDWIDE (Jornada Paulista de


Radiologia, Magneton World, International Society of Magnetic Resonance in Medicine, American
Society of Neuroradiology)
 So Paulo Lab was RECERTIFIED by the College of American Pathologists (CAP)
 Conclusion of the NEW PATHOLOGICAL ANATOMY AREA in the So Paulo Lab
 RENOVATION OF THE TECHNOLOGICAL PARK of Analytical Chemistry and Toxicology (mass
spectrometer), and molecular biology (next generation sequencing).
 Conclusion of the first phase of the FULL AUTOMATION in the Federal District
 48% OF BRAZILIANS PAPERS and 5% of all papers presented in AACC, reinforce
DASAs position of excellence in the medical world
 RETURN FOR THE SHAREHOLDER

Grupo

 EBITDA of R$115.0 million in 2Q14, 3.8% more than 2Q13, reaching a margin of 16.7%
 OPERATING CASH FLOW of R$86.6 million in 2Q14
 CASH NET INCOME of R$38.3 million in 2Q14
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GROSS REVENUE (R$ MILLION)


MILLION)

Gross revenue reached R$ 743.8 MILLION in 2Q14, a growth of 6.5%


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GROSS REVENUE |

PATIENT SERVICE CENTERS

GROSS REVENUES (R$ MILLION)

AVERAGE REVENUE PER REQUISITION (R$) AND


VOLUME (MILLIONS)

RDI growth maintenance


Mix of HIGHER COMPLEXITY (RDI) EXAMS AND A HIGHER NUMBER OF EXAMS PER
REQUISITION increase the average requisition price
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GROSS REVENUE | HOSPITALS


GROSS REVENUES (R$ MILLION)

AVERAGE REVENUE PER REQUISITION (R$) AND


VOLUME (MILLIONS)

REQUISITIONS

AVERAGE REQUISITIONS PRICE

GROWTH of 1.5% , operating with selectivity of clients


NEW CONTRACTS in 2Q14
Increase in average ticket with implementation of NEW SERVICES and focus on INCREASING
PROFITABILITY
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GROSS REVENUE | LABLAB-TOTO-LAB


GROSS REVENUES (R$ MILLION)

PERFORMANCE

10.9% increase in REVENUE per laboratory


Focus on GREATER CAPILLARITY and IMPROVING THE MIX OF EXAMS

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GROSS REVENUE | PUBLIC HOSPITALS AND CLINICS


GROSS REVENUES (R$ MILLION)

PERFORMANCE

Contract EXPIRED on 1Q14


Selectivity in the CHOICE OF NEW CUSTOMERS
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COSTS
In R$ Million

Personnel
Materials
Services and Utilities
General
Cost of Services Cash
Depreciation and amortization
Cost of Services

% of Net Revenues

2Q14

1Q14

2Q13

2Q14

1Q14

2Q13

138.1
127.4
171.9
8.2
445.6
26.1
471.7

124.7
116.2
174.4
8.7
424.0
28.2
452.3

118.6
110.9
174.0
6.4
409.9
24.3
434.2

20.1%
18.5%
25.0%
1.2%
64.8%
3.8%
68.6%

18.8%
17.6%
26.3%
1.3%
64.0%
4.3%
68.3%

18.8%
17.6%
27.6%
1.0%
64.9%
3.8%
68.8%

Variation %
2Q14 x 2Q14 x
1Q14 % 2Q13 %
10.8%
16.4%
9.6%
14.9%
-1.5%
-1.2%
-5.2%
29.0%
5.1%
8.7%
-7.6%
7.5%
4.3%
8.7%

PERSONNEL: impacted by collective bargaining agreement and hiring of new employees


MATERIAL: strong growth of lab-to-lab and changes on mix (Lab-to-Lab market x Public) and
costs increase
SERVICES AND UTILITIES: contracts renegotiation and revenue growth

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SG&A
In R$ Million

General and Administrative


Profit Sharing Program
Other Operating Revenues/ Expenses
Operating Expenses Cash
Depreciation and Amortization
Operating Expenses

% of Net Revenues

2Q14

1Q14

2Q13

2Q14

1Q14

2Q13

117.1
9.9
(0.2)
126.8
13.5
140.3

115.8
10.4
(0.7)
125.5
12.1
137.6

105.2
6.9
(1.4)
110.7
13.5
124.1

17.0%
1.4%
0.0%
18.4%
2.0%
20.4%

17.5%
1.6%
-0.1%
19.0%
1.8%
20.8%

16.7%
1.1%
-0.2%
17.5%
2.1%
19.7%

Variation %
2Q14 2Q14 x
x 1Q14 2Q13 %
1.1%
11.3%
-5.1%
43.7%
-68.4% -85.0%
1.0%
14.6%
11.9%
0.3%
1.9%
13.0%

GENERAL AND ADMINISTRATIVE: impacted by collective bargaining agreement and hiring of


new employees

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ACCOUNTING EBITDA (R$ MILLION)

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INCOME TAX

2Q14

37.2%

-50.9%

-1.8%

34.0%

32.2%
18.4%

Income Tax Rate

permanents
adjustements in
tax books

Income Taxes
(Financial
Statements)

Tax Loss/Other

Goodwill
Compensation

Withholding tax
(current)/
Income taxes
cash*

* Withholding tax (current): Originally from financial income and withholding of gross revenue

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RECEIVABLES
R$ million

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Accounts receivable 415.9 432.4


Past due 0-90
78.0
87.2
Past due 91 - 120
10.8
8.3
Past due (more
113.8 117.6
Provisions
(106.1) (105.5)
Total Rec.
512.4 540.0
Coverage Index
93.2% 89.7%
(1)

376.8
448.2
94.8
79.5
16.1
14.1
119.9
118.8
(109.2) (107.7)
498.5 552.9
91.1% 90.7%

467.2
480.7
452.1
496.6
501.2
80.2
84.0
93.9
114.9
116.0
9.6
13.7
13.5
14.6
17.1
109.4
91.5
80.2
91.9
79.4
(95.0)
(77.3)
(67.5)
(76.6)
(69.3)
571.3
592.6
572.2
641.5
644.5
86.9%
84.5%
84.2%
83.3%
87.2%
Provision Rule
91 to 120 days
121 to 180 days
181 to 360 days

Index coverage = BDP balance/ expired > 120 days

More than 361 days

Provision for and losses due to disallowance and default (% Gross


Revenue )
4.2%
4.2%
3.6%
3.6%

25%
50%
75%
100%

Average collection period (days)

3.7%
3.7%

2.3%
2.3%

1.3%
1.3%

2Q13
Grupo

3Q13

4Q13

1Q14

2Q14

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BALANCE SHEET MANAGEMENT


Management Cash Flow (R$ Million)
Accounting EBITDA
Operacional working capital
Other working capital accounts
Financial expenses
Income tax
Operational cash flow
Capex
Free Cash Flow

2Q14
115.0
(15.8)
17.6
(28.4)
(1.9)
86.6
(34.7)
51.8

DEBT COMPOSITION (R$ million)


Cash and Cash Equivalents

497.6

Debt Short Term

(427.3)

Debt Long Term

(861.8)

Net Debt*

(791.5)

Operating cash flow is POSITIVE


NET DEBT STABLE with a downward trend

(*) Methodology adopted by fiduciary agent

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DEBT PROFILE

Debt Cost Evolution

Net Debt Profile (2Q14)


R$ Milion

Pre BRL
R$ 4.0 MM
0.5%

% Pre USD
(R$ 3.1 MM)
-0.4%

% CDI
R$ 86.9 MM
11.0 %

Year

2 Issuance

2011

700.0

CDI + 1.40% p.a.

5years

3 Issuance

2012

250.0

CDI + 0.80% p.a

4 years

4 Issuance

2013

450.0

CDI + 1.15% p.a

5 years

Average Cost

Rate

(R$MM)

Term

Jun/13 Sep/13 Dec/13 Mar/14 Jun/14

% CDI
CDI +
Pr BRL
Pr USD

CDI +
R$ 703.8 MM
88.9%

Value

Issuance

111.0%
1.2%
16.2%
8.2%

111.0%
1.2%
16.1%
2.2%

111.0%
1.2%
17.6%
2.1%

111.0%
1.2%
17.6%
1.9%

108.8%
1.2%
7.8%
1.7%

Debt Amortization Schedule


R$ Milion

Financial Covenants

17.6

Covenants

Jun/13 Sep/13 Dec/13 Mar/14 Jun/14

Gross Debt
1,088.9
Cash and Cash Equivalents
236.5
Net Debt
852.5
Ebitda (LTM)
391.9
Net Financial Expenses (LTM)
84.9
1) Net Debt / Ebitda <= 2,5
2.2
2) Ebitda / Net Financial Expenses >= 2,0
4.6

1,109.3
252.4
856.9
404.1
88.6
2.1
4.6

1,475.1
608.9
866.2
443.6
86.6
2.0
5.1

1,505.0
697.7
807.3
457.1
90.2
1.8
5.1

1,289.1
497.6
791.5
461.3
101.9
1.7
4.5

23.8

18.6

232.3

232.0

19.4
66.8

9.0

286.7
224.4

9.8
85.1

2014

61.5

2015 CP 2015 LP

2.3

2016

Debentures (2 and 3 Issuance)


Grupo

Loans

2017

2018 > 4 years

DASA FINANCE

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ROIC (*)

Progressive improvement in ROIC


(*) NOPAT LTM/mean(working capital + intangible assets + fixed assets value for Exchange of shares of DASA and MD1)
34% effective rate of Income Tax

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CAPEX

2Q14: 7 NEW PSCs, 4 Resonances, 1 Tomography

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MAIN MESSAGES

Growth
 Consolidated revenue per
business day grew 15.7%
in the first semester*

 Expansion and
modernization of the
Central Labs

 Growth in the markets, led


by Lab-to-lab

 Global pioneer in the


Central Lab full
automation concept
(Conveyor belt)

 2014 CAPEX (capital


budget) of R$200 MM in
2014
 Organic growth plan

Grupo

Results

Technology

 Net income of R$ 60.5


million in the semester,
3.2% more than in 1H13
 Increase in earnings per
share


 Renewal of the RDI center


with state-of-the-art
technology

* Considering the days of Brazil national team game as non working days

Progressive improvement
of ROIC

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Q&A

Grupo

CONFERENCE CALL 2Q14

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